Indonesia’s Monit Secures $2.5M to Expand AI-Powered Expense Platform for Businesses

Indonesia-based fintech startup Monit, which helps businesses manage their spending, has raised $2.5 million in a fresh funding round. The investment was led by Cento Ventures, with additional backing from Japan’s Sansan, a company known for its business-to-business digital transformation tools.

Existing investors 1982 Ventures and Init 6 also participated in the round, reaffirming their support. Monit aims to tackle the challenges of fragmented and inefficient spend management in enterprises, as demand for streamlined financial operations grows across Indonesia’s rapidly expanding digital payments sector.

The newly raised capital will be used to strengthen Monit’s product offerings, especially in artificial intelligence and machine learning. The company aims to deliver smarter financial insights and automate routine operations, enabling finance teams to operate more efficiently. It also plans to grow its leadership and sales teams to support customer demand and prepare for expansion across Southeast Asia.

Launched in 2022 by Rizki Aditya, Monit offers a platform that merges corporate cards with AI-driven software to help large businesses manage expenses and monitor spending more effectively. Since inception, the company has processed over US$200 million in payments and is targeting an annualized transaction volume of US$1.4 billion by 2026. Nearly 1,000 businesses in Indonesia, including Ciputra Group, currently rely on Monit’s solution.

Monit’s growth coincides with Indonesia’s rapidly expanding digital payment sector. Card payment volume is expected to reach $ 87 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.8%. Meanwhile, the value of QRIS transactions has surged 192%, reaching US$36 billion. However, many businesses still face challenges in managing spend due to limited access to card-based solutions and outdated banking infrastructure.

Small and mid-sized enterprises, as well as larger firms, often lack the tools to centralize spending or gain visibility into company-wide expenses. Existing systems are manual, fragmented, and slow, which creates opportunities for financial inefficiencies. Monit sees this as a major opportunity to offer enterprise-grade automation and control that current banking systems cannot provide.

Investors see strong potential in Monit’s focused approach. Boon Ping Chua of Cento Ventures highlighted the startup’s disciplined execution and enterprise focus as key strengths. 

Sansan’s CFO, Muneyuki Hashimoto, noted that Monit’s mission aligns with Sansan’s broader push for digital transformation in the B2B space. Long-time backer 1982 Ventures also showed confidence, pointing to Monit’s rapid growth and capital efficiency.

Monit has also earned continued support from its earliest investors. Achmad Zaky, Founding Partner at Init-6 Ventures, said the firm backed Monit from the start due to the founding team’s strong clarity, discipline, and local understanding. He noted that Monit is addressing a real and complex problem for Indonesian enterprises by making financial processes more efficient and manageable.

Zaky added that the company’s rapid growth reflects its ability to solve pain points that many businesses still struggle with. He expressed full support for the latest funding round and believes Monit is just beginning to make its mark across Southeast Asia.